James Carthew: Pantheon Infrastructure is bursting with value
If you can spare the time, the capital markets days that many investment companies put on can be a useful way of getting to know your investments better. Last week I went along to the one held by Pantheon Infrastructure (PINT), which was also streamed online for investors who could not attend in person.
PINT is a £378m investment trust by market value, although its investments are worth £491m, a gap that reflects the 22% discount to net asset value at which the shares trade.
I discussed it in March but, to recap, it is only a couple of years old, invests in infrastructure through co-investments made alongside much larger specialist players, and offers a yield of about 5% but is also designed to produce capital growth over time, making it more like 3i Infrastructure (3IN) than HICL Infrastructure (HICL).
After various members of the PINT team had set the scene, we heard from three of its co-investment partners – DIF Capital Partners from the Netherlands, Digital Bridge in Los Angeles, and Apollo Global Management in New York.
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